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|
MIRA INFORM REPORT
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Report No. : |
488630 |
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Report Date : |
10.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
SWADHAAR FINSERVE PRIVATE LIMITED SWADHAAR INFORMATION AND MANAGEMENT SERVICES PRIVATE LIMITED AMALGAMATED WITH SWADHAAR FINSERVE PRIVATE LIMITED |
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Registered
Office : |
Flat No 603, 6th Floor, 514 Shree Prasad House, 35th Road, TPS III, Bandra West, Mumbai – 400057, Maharashtra |
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Tel. No.: |
91-22-33183549 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
19.10.2007 |
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Com. Reg. No.: |
11-175181 |
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Capital
Investment / Paid-up Capital : |
INR 503.931 Million |
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|
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CIN No.: [Company Identification
No.] |
U65990MH2007PTC175181 |
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IEC No.: |
Not Divulged |
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GSTIN/UIN: |
Not Divulged |
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TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AALCS3958H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Providing financial services. (Registered Activity) |
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No. of Employees
: |
1473 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 2007. As per the financial records of 2017, the company has achieved a massive growth in its revenue as compared to the previous year and has earned a fair profitability margin of 6.58%. The company has adequate net worth base and debt free balance sheet profile. However rating is constrained on account of low reserve base of the company. Business is active. Payment seems to be slow but correct. In view of aforesaid, the company can be considered for business dealings with some caution. NOTE 1: Ms. Anja (Company Secretary) has claimed Swadhaar Information And Management Services Private Limited is amalgamated with Swadhaar Finserve Private Limited in March 2017. NOTE 2: Site visit was conducted at the address which you have provided and our executive has successfully traced the subject on the given address. At the premises our executive met Mr. Santosh Gudekar (Staff) and he provided the contact details. As per our executive’s observation, it is 6 storey building and subject is situated on the 6th floor of the building. Location was easy to find. Locality appears to be commercial. Area seems to be upmarket. Area of premises is 330 (sq. ft.). Approx. 4 employees were sighted in the office. Name board of the subject was not sighted at the given address. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
No Available |
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Rating |
No Available |
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Rating Explanation |
No Available |
|
Date |
No Available |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 10.02.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED BY
|
Name : |
Ms. Anju |
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Designation : |
Company Secretary |
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Contact No.: |
91-22-33183549 |
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Date : |
07.02.2018 |
LOCATIONS
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Registered Office : |
Flat No 603, 6th Floor, 514 Shree Prasad House, 35th Road, TPS III, Bandra West, Mumbai – 400057, Maharashtra, India |
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Tel. No.: |
91-22-33183549 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website: |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Rajeev Ahuja |
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Designation : |
Director |
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Address : |
Tehnee Heights, Petit Hall (Wing A), 66, Napean Sea Road, Mumbai – 400006, Maharashtra, India |
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Date of Appointment : |
13.05.2016 |
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DIN No.: |
00003545 |
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Other Directorship:
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Name : |
Mrs. Veena Vikas Mankar |
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Designation : |
Director |
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Address : |
801, Park Heights, 10th Road, Plot - E/656 Khar (West), Near Madhu Park, Mumbai – 400006, Maharashtra, India |
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Date of Birth/Age : |
24.01.1953 |
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Date of Appointment : |
19.10.2007 |
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DIN No.: |
00004168 |
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Other Directorship:
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Name : |
Mr. Anal Kumar Jain |
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Designation : |
Director |
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Address : |
12, 3a Cross, Domlur Second Stage, Bangalore – 560071, Karnataka, India |
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Date of Appointment : |
27.06.2013 |
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DIN No.: |
01239653 |
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Other Directorship:
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Name : |
Mr. Valerie Kindt |
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Designation : |
Director |
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Address : |
1830 17th St Nw Apt 707 Washington Dc 20009 Us |
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Date of Appointment : |
19.11.2010 |
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DIN No.: |
03165330 |
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Other Directorship:
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Name : |
Mr. Abhishek Agrawal |
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Designation : |
Director |
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Address : |
Flat No. 403 4th Floor, Sai Samman Plot No. 28/29 Union Park, Chembur, Mumbai – 400071, Maharashtra, India |
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Date of Appointment : |
30.05.2014 |
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DIN No.: |
06760344 |
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Other Directorship:
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Name : |
Harjeet Too |
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Designation : |
Nominee Director |
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Address : |
2201, Glendale, Hiranandani Gardens Powai, Mumbai - 400076, Maharashtra, India |
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Date of Appointment : |
13.05.2016 |
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DIN No.: |
07498425 |
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Other Directorship:
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KEY EXECUTIVES
|
Name : |
Anshu Mohta |
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Designation : |
Company Secretary |
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Address : |
C-6, Tagore Nagar, Raipur – 492001, Chhattisgarh, India |
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Date of Appointment : |
05.01.2016 |
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PAN No.: |
ANCPM2321F |
MAJOR SHAREHOLDERS
AS ON 31.03.2017
SHAREHOLDING FILE ATTACHED
Equity Share Break up (Percentage of Total Equity)
AS ON 08.08.2017
|
Category |
Percentage |
|
Public/Other than promoters- Individual/Hindu Undivided Family- Indian |
8.63 |
|
Foreign National Indian |
0.04 |
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Public/Other than promoters - Body corporate |
75.99 |
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Public/Other than promoters- Others |
15.34 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Providing financial services. (Registered Activity) |
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Products / Services
: |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
1473 (Approximately) |
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Bankers : |
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Auditors : |
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Name : |
B S R and Company LLP Chartered Accountants |
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Address : |
5th Floor, Lodha, Excelus, Apollo Mills Compound N M Joshi Marg, Mahalaxmi – 400011, Mumbai, Maharashtra, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AAAFB9852F |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Subsidiary company: |
· Swadhaar Information and Management Services Private Limited |
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Enterprises which
are owned, or have significant influence of or are partners management personnel and their
relatives: |
· Accion International · Accion Technical Advisors India – [U85310KA2006NPL040052] · RBL Bank Limited – [U65191PN1943PLC007308] · Swadhaar Finaccess – [U91990MH2005NPL151790] · Swadhaar Finserve Employee Welfare Trust |
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
INR 10/- each |
INR 1000.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
54679913 |
Equity Shares |
INR 10/- each |
INR 546.799 Million |
|
|
Less: Call unpaid |
|
INR 42.868 Million |
|
|
Total |
|
INR 503.931
Million |
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
503.931 |
497.603 |
497.603 |
|
(b) Reserves and Surplus |
43.210 |
7.104 |
(3.380) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
547.141 |
504.707 |
494.223 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long-term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
9.789 |
0.718 |
3.788 |
|
Total Non-current
Liabilities (3) |
9.789 |
0.718 |
3.788 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
24.052 |
3.292 |
0.652 |
|
(c) Other
current liabilities |
99.377 |
11.272 |
31.209 |
|
(d) Short-term
provisions |
1.486 |
1.036 |
2.897 |
|
Total Current
Liabilities (4) |
124.915 |
15.600 |
34.758 |
|
|
|
|
|
|
TOTAL |
681.845 |
521.025 |
532.769 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
27.502 |
3.059 |
1.397 |
|
(ii)
Intangible Assets |
4.359 |
3.704 |
8.317 |
|
(iii) Tangible assets
capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.547 |
0.647 |
0.647 |
|
(c) Deferred tax assets (net) |
9.698 |
1.411 |
1.779 |
|
(d)
Long-term loans and advances |
63.243 |
17.017 |
7.635 |
|
(e) Other
Non-current assets |
293.232 |
118.166 |
0.000 |
|
Total Non-Current
Assets |
398.581 |
144.004 |
19.775 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.012 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade
receivables |
84.686 |
1.437 |
1.596 |
|
(d) Cash and
bank balances |
188.246 |
193.797 |
383.578 |
|
(e)
Short-term loans and advances |
7.528 |
166.199 |
55.311 |
|
(f) Other
current assets |
2.804 |
15.588 |
72.497 |
|
Total
Current Assets |
283.264 |
377.021 |
512.994 |
|
|
|
|
|
|
TOTAL |
681.845 |
521.025 |
532.769 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
475.369 |
11.163 |
178.239 |
|
|
Other Income |
20.794 |
48.456 |
42.556 |
|
|
TOTAL |
496.163 |
59.619 |
220.795 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Other expenses |
146.514 |
29.818 |
79.589 |
|
|
Exceptional item |
0.000 |
0.000 |
(36.281) |
|
|
Employees benefits
expense |
308.292 |
11.929 |
48.959 |
|
|
TOTAL |
454.806 |
41.747 |
92.267 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
41.357 |
17.872 |
128.528 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
0.000 |
0.000 |
101.584 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
41.357 |
17.872 |
26.944 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
15.527 |
5.482 |
8.505 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
25.830 |
12.390 |
18.439 |
|
|
|
|
|
|
|
Less |
TAX |
(5.465) |
1.906 |
8.108 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
31.295 |
10.484 |
10.331 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
0.572 |
0.192 |
0.08 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
0.000 |
0.000 |
0.000 |
|
Cash generated from operations |
(19.840) |
(185.712) |
843.913 |
|
Net cash flows from (used in) operations |
(20.478) |
(187.250) |
801.463 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
65.02 |
46.99 |
3.27 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
5.61 |
7.77 |
111.68 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
1.30 |
2.64 |
13.23 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.18 |
0.03 |
0.07 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.23 |
0.03 |
0.07 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.06 |
0.01 |
0.02 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
0.00 |
0.00 |
1.27 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
6.58 |
93.92 |
5.80 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
4.59 |
2.01 |
1.94 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
5.72 |
2.08 |
2.09 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
2.27 |
24.17 |
14.76 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
2.27 |
24.17 |
14.76 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.80 |
0.97 |
0.93 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
2.27 |
24.17 |
14.76 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
497.603 |
497.603 |
503.931 |
|
Reserves & Surplus |
(3.380) |
7.104 |
43.210 |
|
Net
worth |
494.223 |
504.707 |
547.141 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
178.239 |
11.163 |
475.369 |
|
|
0.000 |
(93.737) |
4158.434 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR In Million |
INR In Million |
INR In Million |
|
Sales |
178.239 |
11.163 |
475.369 |
|
Profit/(Loss) |
10.331 |
10.484 |
31.295 |
|
|
5.80% |
93.92% |
6.58% |
BALANCE SHEET (CONSOLIDTED)
|
SOURCES OF FUNDS |
|
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
497.603 |
497.603 |
|
(b) Reserves &
Surplus |
|
11.293 |
(1.943) |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
|
508.896 |
495.660 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax
liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
8.120 |
9.302 |
|
Total Non-current
Liabilities (3) |
|
8.120 |
9.302 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
0.000 |
0.000 |
|
(b) Trade payables |
|
5.028 |
2.340 |
|
(c) Other current
liabilities |
|
46.892 |
46.250 |
|
(d) Short-term provisions |
|
1.596 |
4.063 |
|
Total Current Liabilities
(4) |
|
53.516 |
52.653 |
|
|
|
|
|
|
TOTAL |
|
570.532 |
557.615 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
8.568 |
5.432 |
|
(ii) Intangible Assets |
|
4.398 |
8.403 |
|
(iii) Capital
work-in-progress |
|
0.000 |
0.000 |
|
(iv) Intangible assets under
development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
0.546 |
0.546 |
|
(c) Deferred tax assets
(net) |
|
3.596 |
2.498 |
|
(d) Long-term Loan and Advances |
|
48.386 |
17.900 |
|
(e) Other Non-current
assets |
|
195.500 |
44.697 |
|
Total Non-Current Assets |
|
260.994 |
79.476 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.012 |
|
(b) Inventories |
|
0.000 |
0.000 |
|
(c) Trade receivables |
|
52.143 |
22.183 |
|
(d) Cash and cash equivalents |
|
233.810 |
421.999 |
|
(e) Short-term loans and
advances |
|
7.206 |
10.609 |
|
(f) Other current assets |
|
16.379 |
23.336 |
|
Total Current Assets |
|
309.538 |
478.139 |
|
|
|
|
|
|
TOTAL |
|
570.532 |
557.615 |
PROFIT AND LOSS (CONSOLIDTED)
|
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
|
263.419 |
293.063 |
|
|
Other Income |
|
32.500 |
39.166 |
|
|
TOTAL |
|
295.919 |
332.229 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Employees benefits
expense |
|
148.963 |
112.413 |
|
|
prior items |
|
3.631 |
8.349 |
|
|
exceptional item |
|
0.000 |
(36.280) |
|
|
Other expenses |
|
121.781 |
123.429 |
|
|
TOTAL |
|
274.375 |
207.911 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
|
21.544 |
124.318 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
0.000 |
101.584 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION |
|
21.544 |
22.734 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
8.404 |
10.188 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
13.140 |
12.546 |
|
|
|
|
|
|
|
Less |
TAX |
|
2.559 |
7.127 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
|
10.581 |
5.419 |
|
|
|
|
|
|
|
add |
profit/loss discounting |
|
2.692 |
1.148 |
|
|
|
|
|
|
|
|
Total
profit and loss of the period |
|
13.237 |
11.398 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners / Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
OPERATIONS
In its tenth year of operation, the Company has recorded a growth of 39.6% and 105%in its active clients and assets under management respectively. The Company now operates in 8 (eight) States and 1(one) Union territory, with 161 branches, as the dedicated Business Correspondent (BC) of RBL Bank (RBL).
Ratna Pragati Loan (RBL Micro Loan): This is a Center Based Loan (an individual loan with a joint liability among center members). It is for low-income economically active women who are between 18 to 58 years of age, belonging to the same socio-economic background. Loan amounts range from INR 18,000 to INR 50,000 repayable over 18 to 24 months. Ratna Bachat (Basic Saving Bank Deposit Account): This is a no-frill savings account with a Rupay debit card. It is offered to all micro loan clients which enable them to grow savings safely in the bank. Clients are paid an annual interest of 5.5% on their savings account balance. There is no annual charge or minimum balance requirement for this facility.
Credit-linked Life Insurance: This is a benefit offered to a ll micro loan clients where sum assured is equal to the loan amount. In the event that a client suffers a natural or accidental death over the course of his/her loan term, his/her nominee is released from the burden of repayment of loans and is also entitled to receive the principal amount already repaid by the client. As an added optional benefit, spouse insurance (with separate insurance fee) is also available to all clients for the same premium as applicable to the client.
Loans for Micro and Small Enterprises: The process qualification criteria are set so as to provide convenient, affordable access to credit to micro and small enterprises which are largely excluded from the formal financial sector, facing barriers to access due to inability to provide requisite documentation and or collateral. Loans are offered from INR 75,000 to INR 25 lakhs, for a variety of purposes such as working capital, capital expenditure, business improvements etc with appropriate tenors. These can be secured or unsecured, depending on the circumstances. It is offered to entrepreneurs, both, women and men, with special benefits given for women led/ women impacted businesses to encourage larger participation of women in commerce.
Micro ATM's
Currently the Company has Micro ATM's in 50 branches which are Aadhaar enabled and allow customers to conveniently transact on their savings accounts.
New Initiatives
To reduce cash handling risk for branch staff and customers the pilot of disbursements through prepaid card was successfully done in 11 branches in Bihar. Disbursement through prepaid card will be rolled out to other branches in FY17-18. In order to reduce turnaround time for new loans and for improving data efficiency, a Digital Field Application (DFA) for micro loans was piloted in Mumbai. This is now stable and post a few modifications will be rolled out to other branches in FY 17-18. In MSME business, the phase 1 and phase 2 the DFA was successfully piloted during the current year, making the MSME sourcing process
paperless till the approval stage. The Company plans to roll out the DFA in a phased manner to all MSME branches starting April 2017.
Future
PlaIn FY17-18, Swadhaar has plans to expand operations into Punjab, Haryana, West Bengal and Assam, adding and proposes to add at least 100 new branches in these and existing states. The Company will be adding new products to its portfolio such as consumer durable loans, personal loans for various purposes such as education and house improvement. Branches will be increasingly equipped with Micro ATM's and arrangements made to link customers to BC payment points, so that they can easily operate their saving accounts.
INDEX OF CHARGE:
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF
MODIFICATION |
DATE OF
SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G30195333 |
100066589 |
RBL BANK LIMITED |
30/11/2016 |
- |
- |
7500000.0 |
SHAHUPURI,KOLHAPUR,KOLHAPURMA416001IN |
|
2 |
G30197677 |
100066592 |
RBL BANK LIMITED |
30/11/2016 |
- |
- |
7500000.0 |
SHAHUPURI,KOLHAPUR,KOLHAPURMA416001IN |
|
3 |
G17239799 |
100056158 |
RBL BANK LIMITED |
01/10/2016 |
- |
- |
7500000.0 |
SHAHUPURI,KOLHAPUR,KOLHAPURMA416001IN |
|
4 |
G17246042 |
100056163 |
RBL BANK LIMITED |
01/10/2016 |
- |
- |
7500000.0 |
SHAHUPURI,KOLHAPUR,KOLHAPURMA416001IN |
|
5 |
G17250986 |
100056169 |
RBL BANK LIMITED |
01/10/2016 |
- |
- |
7500000.0 |
SHAHUPURI,KOLHAPUR,KOLHAPURMA416001IN |
|
6 |
G17263542 |
100056179 |
RBL BANK LIMITED |
01/10/2016 |
- |
- |
7500000.0 |
SHAHUPURI,KOLHAPUR,KOLHAPURMA416001IN |
|
7 |
G10049583 |
100046198 |
RBL BANK LIMITED |
08/08/2016 |
- |
- |
5000000.0 |
SHAHUPURI,KOLHAPUR,KOLHAPURMA416001IN |
|
8 |
G10049963 |
100046199 |
RBL BANK LIMITED |
08/08/2016 |
- |
- |
4397643.0 |
SHAHUPURI,KOLHAPUR,KOLHAPURMA416001IN |
|
9 |
G08698144 |
100042352 |
RBL BANK LIMITED |
07/07/2016 |
- |
- |
10000000.0 |
SHAHUPURI,KOLHAPUR,KOLHAPURMA416001IN |
|
10 |
G08698763 |
100042356 |
RBL BANK LIMITED |
07/07/2016 |
- |
- |
10000000.0 |
SHAHUPURI,KOLHAPUR,KOLHAPURMA416001IN |
PRESS RELEASE
RBL BANK RAISES STAKE
IN SWADHAAR FINSERVE TO 60.48%
27 November,
2017
Private-sector lender RBL Bank Ltd said on Monday it has raised its stake in financial product distribution subsidiary Swadhaar FinServe Pvt. Ltd to 60.48% from 58.4%.
The bank holds the right to increase its stake to 100% subject to regulatory approvals, it told stock exchanges. It did not disclose the deal value.
The bank, which floated its initial public offering in August last year, had bought a 30% stake in Swadhaar in September 2016 for Rs 20.5 crore at a valuation of INR 68.000 Million (just over $10 million then). It raised its stake earlier this month to 58.4%.
“The bank sees Swadhaar as a vehicle to execute its strategy to become a significant player in the financial inclusion and micro banking segment, catering to the economically weaker and underserved households,” said Vishwavir Ahuja, managing director and chief executive officer, RBL Bank.
Swadhaar business operates in 17 states and union territories through 242 branches. It has helped RBL Bank create assets under management (AUM) of around INR 1000.000 Million as of the three months ended September 2017.
Mumbai-based Swadhaar is also backed by impact investors MicroVest and Michael and Susan Dell Foundation. It is not immediately known whether they have exited the company following this transaction. The two investors had partially exited in September 2016 when RBL Bank bought the 30% stake.
The Swadhaar group, which comprises Swadhaar FinServe, Swadhaar Information and Management Services and Swadhaar FinAccess, was founded in 2005.
Swadhaar FinServe distributes financial products as business correspondents. Swadhaar Information was merged with Swadhaar FinServe earlier this year. Swadhaar FinAccess offered micro-credit in Mumbai.
Swadhaar started operations in 2008 as a non-banking financial company, taking over the micro-credit portfolio of Swadhaar FinAccess and subsequently converting to an NBFC-microfinance institution in 2010.
In 2015, Swadhaar applied to the Reserve Bank of India to surrender its NBFC licence and operate as a business correspondent. This was approved in January 2016.
In 2015-16, the company’s total income was Rs 29.5 crore and profit after tax was Rs 1.3 crore. Buzzing microfinance space RBL Bank is one of several commercial banks that are increasingly looking at acquiring companies in the financial services segment to increase their bandwidth.
VCCircle reported in September last year that Varanasi-based Utkarsh Micro Finance Pvt. Ltd raised Rs 395 crore ($60 million) from several domestic institutional investors including RBL Bank.
Last month, private-sector lender IndusInd Bank Ltd agreed to acquire microfinance institution Bharat Financial Inclusion Ltd (formerly SKS Microfinance).
In May this year, VCCircle reported that non-banking financial company Madura Micro Finance Ltd was raising a equity capital from Kerala-based AV Thomas Group of Companies.
IIFL Holdings had informed stock exchanges in November 2016 that it would acquire Samasta Microfinance Ltd to enter the microfinance segment and extend its offerings.
Financial services group Centrum Group started lending operations last month after its acquisition of the India microfinance business of FirstRand Bank Ltd.
FIXED ASSETS:
- Furniture and fixtures
- Office equipment
- Computer equipments
- Leasehold improvements
OBSERVATION
POINTS
|
Address : |
Flat No 603, 6th Floor, 514 Shree Prasad House, 35th Road, TPS III, Bandra West, Mumbai – 400057, Maharashtra, India |
|
|
|
|
Mobile No.: |
91-22-26048332 |
|
|
|
|
Person to whom we met: |
Name: Mr. Santosh Gudekar Designation: Staff Member |
|
|
|
|
Name Board : |
Not Sighted |
|
|
|
|
Location: |
Easy |
|
|
|
|
Total Floors of the building: |
6 |
|
|
|
|
Subject situated on: |
6th Floor |
|
|
|
|
Locality: |
Commercial |
|
|
|
|
Area of Premises: |
330 Sq. ft. |
|
|
|
|
Area : |
Upmarket |
|
|
|
|
No. of Employees
seen at Premises : |
04 |
|
|
|
|
Visibility of
Items: |
|
|
|
|
|
Proof of visit: |
Photographs |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market survey
revealed that the amount of compensation sought by the subject is fair and
reasonable and comparable to compensation paid to others for similar services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 64.13 |
|
|
1 |
INR 89.49 |
|
Euro |
1 |
INR 79.43 |
INFORMATION DETAILS
|
Information
Gathered by : |
GAY |
|
|
|
|
Analysis Done by
: |
NIY |
|
|
|
|
Report Prepared
by : |
NKTS |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.